Chatbot Market in rule-based segment to reach USD 869 million by 2024 | Top Key Players like Astute Solutions, Bold360, Facebook, Google, Haptik, Helpshift, IBM, Kiwi, Inc., Microsoft, Nuance Communications, LivePerson, Slack, SRI International

Chatbot Market in rule-based segment to grow at the fastest rate of CAGR 52.8% over the forecast timeline. The rapid progresses in the field of NLP and machine-learning have also led to the development of AI-based chatbots which can offer personalized responses. For instance, in 2018, the Indian railways decided to use AI-based chatbots for handling passenger queries. These chatbots assist in improving traveler experience in an efficient manner by providing enhanced passenger safety, amenities, and better service delivery. The rule-based segment dominates the chatbot market with a revenue of USD 218 million in 2017 anticipated to reach USD 869 million by 2024. However, the development of these chatbots is done following a rule-based approach and hence are unable to answer questions whose patter mismatches with the rules on which the bot is trained.

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The technological advancements in the field of AI had benefitted the chatbot market as they have brought about a change from just being simple software with scripted answers to present day intelligent chatbots that are able to engage potential consumers. These chatbots have brought about various positive social impacts such as enhanced customer interaction with businesses, quick access to public data, and online payment of tax and bills. Moreover, the governmental agencies are also relying on chatbots to enhance customer experience. For instance, the Mississippi Department of Information Technology has been using a chatbot named Missi to resolve inquiries of 100 citizens daily relating to taxes and hunting licenses.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:

1. Astute Solutions
2. Bold360
3. Facebook
4. Google
5. Haptik
6. Helpshift
7. IBM
8. Kiwi, Inc.
9. Microsoft
10. Nuance Communications
11. LivePerson
12. Slack
13. SRI International

Technological advancement in communication is lately undergoing a once-in-a-decade paradigm shift. The growth of chatbot market bears evidence of this stupendous transformation, the impact of which is felt across the information technology domain. As artificial intelligence quickly spins out of the domain of academic research and enters mainstream business communication, an anticipated 80% of businesses expected to use some form of a chatbot. Driven by this extensive demand, chatbot market share will register a CAGR of 31% over 2018-2024.

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According to experts, financial and healthcare institutions will have an easier time adopting chatbots due to their structured processes that make automation easier. For instance, Bank of America’s chatbot Erica made major headlines, having registered 1 million users within 3 months. Financial advice provided by the chatbot and easy transaction searches are the factors that made Erica such a big hit. Analysts listed transactions with popular merchants such as Walmart, Uber, Amazon, Costco, etc., as among the top queries that customers search for. When Erica is asked to show all transactions with a particular merchant, such as Amazon, Erica lists all debit, credit and check transactions, which makes online banking much easier to keep track of. Banks all over the world have already employed some form of chatbot or the other, making BFSI one of the fastest growing segments of the chatbot market.

The chatbot market is at present being dominated by rule based and machine learning-based chatbots. While simple rule based chatbots are economic and effectively handle basic customer queries, their drawback is that they do not understand intent and context of a conversation. On the other hand, chatbots that are using pattern recognition, data analysis and predictive analytics as the three pillars for development are being more readily employed in businesses as all it takes for the chatbot to learn and enhance its data processing speed is continuous exposition and data feeding. This might explain why rule based chatbots, in 2017, despite having accounted for substantial market share, are forecast to remain modestly profit-oriented over 2018-2024. However, AI based chatbots, not surprisingly, are anticipated to record a CAGR of 53% during the same period.

The chatbot market in customer service applications show strong interests in chatbots as these intelligent digital assistants are always accessible to solve customer queries in a cheap and efficient manner. They support businesses to save customer service expenses of over 30% by moving up response times and freeing up employees for more challenging work. Furthermore, around 56% of the companies operating in the technology and multimedia sectors are planning to invest in chatbots in the coming three to five years, saving approximately USD 8 billion yearly in customer supporting costs.

The e-commerce segment held about 35% of the market in 2017 because they assist in completing buyers purchases, offer product recommendations, and provide customer support in enhancing their market growth. They aid in improving shopping experience by reducing waiting time, provide 24/7 support, and retain customers by sending messages. For instance, Starbucks chatbot available on the Starbucks application allows customers to easily place an order by text messaging or voice commands through chatbots, increasing customer buying experience and saving purchase time.

Browse key industry insights spread across 350 pages with 262 market data tables & 43 figures & charts from the report, Chatbot Market in detail along with the table of contents:

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It is essential to mention that chatbots are not being limited to a particular functionality. Instead, companies like Hugging Face are developing chatbots that can be used by teenagers to generate a digital friend to chat with and trade selfies. In a seed round, the startup raised $4 million for the development of a chatbot that focuses on emotions and entertainment. As per estimates, Hugging Face logs over a million messages per day. The aforementioned instance depicts that continuous research and development activities will characterize chatbot industry outlook in the years ahead, aiding the vertical to traverse a highly progressive growth path over 2018-2024.

North America is projected to dominate the chatbot market by 2024 as chatbot solutions have gained prominence in different sectors such as BFSI e-commerce, gaming, and healthcare. Furthermore, the technological advancements in the AI and NLP technologies followed by the increased usage of computers, tablets, laptops, and mobiles are also driving the market growth.

Asia Pacific chatbot market is growing the fastest in the market during the forecast timeline, generating revenues of approximately USD 350 million by 2024 due to the rising advent of messaging applications such as WeChat in China. Furthermore, the rapid investments by tech giants have also boosted the chatbot growth. For instance, in April 2018, Alibaba invested USD 600 million in SenseTime, China?s leading AI company. This funding will assist the company in increasing their technological innovation rate and expanding their new business opportunities.

The companies in the chatbot market are spending in the research and development, aimed at developing new and customized chatbots. The vendors in the market are Astute Solutions, Baidu, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation, Nuance Communication Inc., LivePerson, Poncho, ReplyYes, Slack Technologies Inc., and SRI International.

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